Plan a Charitable Estate Gift

Planning a bequest or planned gift to the University of Saskatchewan is one way for you to ensure that our university continues to grow today and for future generations.

The most common types of planned gifts to the University of Saskatchewan

Bequests

A bequest is often referred to as "the ultimate gift" not only because it is a gift of cash or property you make in your Will, but because it is a reflection of the beliefs and values you espouse during your lifetime. A gift through your Will can help you make a significant gift that may not have been possible during your lifetime, and that won't diminish your lifestyle now.

Bequests are the most common type of estate gift received at the University of Saskatchewan. When developing a bequest, it is important to identify the university accurately as a beneficiary to ensure that your gift will be swiftly received, receipted (as appropriate) and directed to the area of support that is most important to you.

All gifts should include the directive " ... to the University of Saskatchewan at Saskatoon, Saskatchewan ...".

To further direct the gift, the following are examples of suggested Will clauses:

a)Undesignated/unrestricted bequest:

...for such purposes as the Board of Governors of the University of Saskatchewan shall determine.

b)Undesignated/unrestricted endowed bequest:

... to be held as part of the university's endowment funds and used for such purposes as the Board of Governors of the University of Saskatchewan shall determine.

c)Specific purpose bequest:

... to be used for the purpose(s) of [here you should identify the particular college, program or function that you wish to support by clearly articulating the overall intent and/or direction.]

The description of the purpose of the gift should be written as broadly as possible to ensure the gift can be accepted and used as intended by the donor. Please contact the Planned Giving office to confirm details for the program or area you wish to support, for example, the existence of a specific program or the proper name of a project.

d)Specific purpose endowed bequest:

... to be held as part of the university's endowment funds and to be used for the purpose(s) of [here you should identify the particular college, program or function that you wish to support by clearly articulating the overall intent and/or direction.]

Power to Vary Clause

After any of the above, the following clause should be included:

In the event that circumstances make the specified use or administration of this gift no longer practical or desirable, the Board of Governors of the University of Saskatchewan is hereby authorized to make changes in the use or administration of this gift to maintain, as much as is reasonably possible, its spirit and general intent.

The Power to Vary Clause serves to protect your intentions by ensuring that if there are changes to the program or area you have chosen to support, the gift will still be administered in keeping with your wishes.

If you are comfortable doing so, we also encourage you or your advisors to provide a copy of the Will or the relevant pages pertaining to your University of Saskatchewan bequest to our Planned Giving office. By sharing your plans with us, you make it possible for us to recognize your generosity today. If you prefer to remain anonymous, we will of course respect your wishes.

Note: The information provided here is of a general nature and should not be taken as a substitute for professional advice. We urge you to consult with your advisors to ensure that a particular option is right for your financial and estate planning situation.

Life Insurance

Life insurance can be a powerful way for you to give since small monthly or annual installments can result in a substantial gift to the university in the future. Another advantage is that life insurance remains outside the estate thereby avoiding probate and administration fees. Insurance proceeds are paid directly to the university tax-free and are non-contestable.

There are three ways to donate using life insurance:

Transfer ownership of an existing policy to the U of S and also designate the U of S as the policy's beneficiary. In this case the university will issue a charitable receipt for the policy's fair market value. If, after gifting the policy, you choose to keep it in force, any additional premiums paid are treated as gifts to the university and you will receive charitable receipts for them.

Purchase a new policy and designate the U of S as its owner and beneficiary. Income tax receipts will be issued for the full amount of the premiums paid year after year.

Name the U of S as beneficiary of a fixed dollar amount or percentage of future benefits of an existing or new policy. Benefits are paid directly to the university tax-free, and do not go through your estate. You maintain full control of the policy; therefore, the gift is fully revocable.

Note: The information provided here is of a general nature and should not be taken as a substitute for professional advice. We urge you to consult with your advisors to ensure that a particular option is right for your financial and estate planning situation.

Securities

﻿﻿﻿Securities and mutual funds traded on the major Canadian and U.S. stock exchanges may be donated to the University of Saskatchewan by transferring ownership directly to the university. When you transfer ownership rather than selling the securities and donating the proceeds, you will not pay tax on the capital gains realized on those securities.

You may donate securities electronically or by re-registering the securities in the University's name and providing us with the stock certificate. Electronic transfers are the most convenient method for both parties. To facilitate the electronic transfer, please execute the Request for Transfer of Securities form and provide a copy to the University of Saskatchewan and your financial planner.

Gifts of marketable securities will be receipted based on the closing price on the date the securities are received electronically by the university's broker or on the date the physical share certificate is received by the university . The university's broker has instructions to sell the donated securities as quickly as reasonably and practically possible (usually within 1 or 2 business days).

Publicly traded securities donated to the university are exempt from capital gains tax. To maximize tax savings, your financial planner can work with you to choose to give securities that have experienced the greatest capital gain per share.

As with all gifts to the university, you can choose the area that you wish the proceeds from the sale of securities to support. Please contact the Planned Giving office to discuss this or to get more information about a specific program or area you are interested in supporting.

Your financial planner will require the following information to initiate an electronic transfer of securities:

BMO Nesbitt Burns

RBC Dominion Securities

306 - 123 – 2nd Ave S, Saskatoon SK S7K 7E6

Suite 1400, 333 - 7th Ave SW Calgary AB T2P 2Z1

FINS#: T009 DTC#: 5043 CUID: NTDT

FINS#:T002 DTC#: 5002 CUID: DOMA

Contact: Bonnie Guillou

Contact: Dave Simpson

Phone: (306) 343-3692 Toll Free: (800) 667-2633

Phone: (403) 266-9615 Toll Free: (800) 310-6484

Fax: (306) 653-7227

Fax: (403) 299-6539

University of Saskatchewan Acct#: 610-05149-15

University of Saskatchewan Acct#: 701-84049-18

Note: The information provided here is of a general nature and should not be taken as a substitute for professional advice. We urge you to consult with your advisors to ensure that a particular option is right for your financial and estate planning situation.

RRSPs & RRIFs

Most of us have, as part of our retirement plan, tax-deferred instruments such as RRSPs, RRIFs, pensions or annuities. While contributions to these funds are free from taxation at the time we make the contributions, at death the total value of the funds must be reported as income and is fully taxable to our estates, triggering significant tax payable.

Whether you are enrolled in an RRSP or have already converted your RRSP to a RRIF, you can name the University of Saskatchewan as beneficiary of all or a portion of any retirement funds remaining.

Your estate will receive a tax credit for the value of your gift, offsetting the tax on the proceeds.

Gifts of RRSPs and RRIFs fall outside your estate and are not subject to probate.

This type of giving is very flexible; the designation is revocable and may be changed if your circumstances change.

Gifts of this type can also be made while one is still living. Taxable income increases at age 69 when income from tax-deferred funds must begin to be withdrawn. By donating a portion or all of these funds, or funds received from Canada Pension Plan, your tax bill can be greatly decreased and perhaps even eliminated.

You will receive a tax receipt for the value of your gift.

Your gift can be put to use immediately, giving you the benefit of seeing how your generosity makes a difference at our great university.

Note: The information provided here is of a general nature and should not be taken as a substitute for professional advice. We urge you to consult with your advisors to ensure that a particular option is right for your financial and estate planning situation.

Real Estate

The University of Saskatchewan has been the grateful recipient of a wide range of gifts of property, including farmland, residential and commercial real estate and developed and undeveloped land. A gift of real estate may be made during your lifetime or through your estate.

Gifts of property, except for principal residences, are subject to capital gains tax upon disposition. Generally the charitable tax credit that applies from the gift will more than offset the tax from the disposition.

If you donate property you will receive an income tax receipt for the fair market value of the property, determined by one or more qualified appraisers.

Unless the property is usable by the university, the proceeds from the sale of the property will be used to support the purpose you have designated. Ordinarily, the university does not retain real estate for investment purposes.

We encourage you or your advisor to contact the university's Planned Giving office at the outset so we can work through the process of making a gift of real estate together.

Note: The information provided here is of a general nature and should not be taken as a substitute for professional advice. We urge you to consult with your advisors to ensure that a particular option is right for your financial and estate planning situation.